Miami Beach Mod Homes – January 2012 edition

This month’s edition is on North Bay Road (Sunset Lake subdivision). This is definitely a WOW type of home but location is a bit disappointing, right behind the Sunset Islands with more of a canal front location than bay.  At least you don’t have any fixed bridges to the bay and you do have protection from the elements, but this house would almost be perfect with open bay water frontage.

Miami Beach Mod Home at 2040 N Bay Road

listed for $16,500,000

The massing and volumes of this North Bay Road home make me smile from ear to ear.  Straight angles, not over designed, sultry, sexy and functional….doesn’t get better than that.  This home is 11,857 square feet! and the lot is unusually long with 308 feet in-depth compared to its 100 feet of width – hence the long and narrow construction.  The homes on this portion of North Bay Road seem to be on top of each other because they take advantage of every inch of “buildable” land on their properties.  But in reality, they do keep a comfortable distance from each other.

I am sure that when the current owners decided to build this beauty, they knew that the location and unusual direction of the lot would be a struggle for any future buyer.  So they decided to make up for any of those objections by really building an amazing house.  Take a look at an aerial of the property showing the skewed lot on the water.  The positive aspect of the angle is that it gives them 135 feet of water frontage instead of the 100′ you expect.

The house has double gourmet kitchens as well as summer kitchen equipped with pizza oven.  We can certainly assume that these people love to entertain and cook.  I love the fact that the “caterer’s kitchen” is something that is becoming popular in Miami Beach within the mega luxury real estate realm.  Nothing like keeping your kitchen clean and untouched while caterers make a mess of their own kitchen.

I wish I knew who the architect and interior designers were in this property – the use of materials in the secondary spaces are not what I would expect, but they work and the minimalist feel is never jeopardized.

I think the master suite is my favorite part of this home.  It seems to float above the rest of the space with perfectly framed views and private terrace that completes the exterior facade – solemn, dignified and perfect.

The exteriors are all perfectly orchestrated.  From the approach to the house with a play of window proportions and water element, to the use of every flat roof as a roof terrace and finally with a lap pool and spa that mimic the proportions and extended house foot print.  When you start scrutinizing the elements used throughout the house, you notice that nothing is there by chance, but instead you will find a well throughout out approach to architecture that is refreshing.

As for the wood finish in the back terrace, not even if it was IPE wood from Brazil would I have that as a choice, the maintenance can be brutal.  I would be more apt to selecting a raw limestone or concrete finish to avoid the constant treatment of the wood.

As for that small triangular patch of grass between the dock and the pool deck – it just seems it is wasted space when in reality it has not yet been designed.  Any lucky owner of this North Bay Road modern mansion will be able to complete the space as a transitional element between their vessel and their home.

The property was bought in 2007 for $4.1 Million, completely demolished and built from scratch.  The $16.5 Million price tag may be a far reach considering the location, but only time will tell.

7 things to consider when buying a Miami Beach Waterfront Home

If you are buying a Miami Beach waterfront home, you are likely to have a boat or will be considering a boat in the near future. We are constantly asked a number of questions regarding waterfront purchases and Rick and I decided to write a list of 7 important factors to consider when buying a waterfront home in Miami.

Condition of Sea wall –

It is important for anyone buying a waterfront property to get a seawall inspection by a structural engineer or a seawall specialist.  Inspections should include not only the actual seawall but also settling cracks within the main house, patios and pool as well as dock areas.  Because most canal systems in Miami and Miami Beach are artificially made or made with landfills, the integrity of the seawall could ultimately determine the integrity of the structure of the home.  Doing a visual inspection of seawalls of adjacent properties is also recommended in order to avoid future settling.

Type of waterfront property

- If you look at an aerial view of Miami and Miami Beach, you will notice that there are numerous types of waterfront properties:  lakes, rivers, canals with direct ocean access, canals with fixed bridges, canals with no ocean access, non-navigable canals, and bayfront homes, to name a few.  Depending on the type of boat you have, you will need to consider fixed bridges (clearance heights), depth of canals, and proximity to bay and or ocean access.  There are several waterfront communities in Miami and Miami Beach that have direct ocean access but you have to navigate at idle speed for miles which can mean being on your boat for a couple of hours before you can really do some boating.

Boat Dock

- it is important to inspect not only the condition of an existing dock, but also if the type of dock can accommodate your boat. There are a lot of canals in Miami with natural coral sea walls and no docks – you may not want to dock your boat next to natural coral.  If there is no dock on the property, it may be a good idea to contact DERM (Department of Environmental Resources Management) about what kind of dock they will allow in a particular canal.  DERM may even send an inspector out to the property in order to make recommendations.

Davits and/or Boat Lift

- depending on the size of the boat, most boat owners will not keep the vessel inside the water and use davits and/or boat lifts to raise the boat out of the water while not in use. Whichever your choice, make sure to inspect existing davits or make sure the existing seawall can accommodate a boat lift of your choice.

Protection from the elements

Bayfront homes are obviously the most desired type of waterfront property but can also leave your property very exposed to the elements (weather and hurricanes).  Canal front properties are said to protect not only your house, but boats as well in case of increment weather.  This doesn’t mean that you should not purchase a bayfront home, it means you should consider location when purchasing.

Location of home within a canal

- because of the intricate design of canals in Miami and Miami Beach, some canals may be comparable to dead-end streets.  These canals, depending on currents and wind may accumulate debris and garbage that can become a nuisance.  If a property is located at the end of a dead-end canal, make sure you ask about accumulation of debris throughout the year.

Insurance Costs

- just keep in mind that property insurance costs will be higher for waterfront homes, especially open bay properties.

 

There is nothing like owning a Miami Beach waterfront home. To be able to enjoy our beautiful weather as well as the views is priceless and it is what makes Miami Waterfront Real Estate so unique.

*originally published on Nov. 23, 2008*

Miami Beach Waterfront Homes sold in 2011

There are 165 Miami Beach waterfront homes for sale right now ranging from a $399,000 North Beach home on Hawthorne Avenue (outside Biscayne Point Island), to a $35 Million Star Island Mansion.  Although the private island of Indian Creek is not considered Miami Beach, we can’t forget the $60 Million property for sale there … which is the most expensive home listed in South Florida to date.

Miami Beach waterfront homes are well-known throughout the world and offer unparalleled distinction, but not all Miami Beach homes were created equal – desirability has to do with location, condition of the property, size and views.  We will give you a break down of all the homes that were sold this year per island in order to be able to differentiate and understand pricing throughout Miami Beach.

The formula to understanding the Miami Beach waterfront home market is knowing that no matter what the comps are, most buyers are cash buyers and price is determined mostly by desirability of the property, not so much by how much other comparable homes have sold for. This is a total anomaly and difficult for a lot of buyers to understand, especially if you are looking to upgrade from a non-waterfront home, or are ready to make the switch to this very desirable lifestyle.

The Median Listing price for a Miami Beach waterfront home is currently $4.7 Million.  And if you are not convinced that this real estate sector is hot, out of the 165 homes listed for sale, only 2 are distressed (both are short sales – one in Normandy Island and the other one in Mid-Beach).

There were 100 Miami Beach waterfront homes sold in 2011.

Star Island Home Sales

4 Star Island waterfront homes sold – averaging $1,137 per square foot with the highest sale at $25.5 Million for the house located at 13 Star Island Dr – with 15,000 sf of living space, 8 bedrooms, 40,000 sf lot and 100 feet of water frontage.

Palm Island Home Sales

2 Palm Island homes sold on the water -  highest sale at $14.2 Million for the house located at 94 Palm Avenue with over 14,000 sf of living space, 8 bedrooms and 200′ of water frontage.  The average price per square foot for Palm Island homes coming in at $912.

Hibiscus Island Home Sales

5 Hibiscus Island homes sold on the water – price ranging between $1.9 and $9.35 Million.  The highest sale of $9,350,000 was for the home designed by Oppenheim, located at 40 S Hibiscus, with 8,000 sf of living space, 24,000 sf lot, 8 bedrooms and 120′ of water frontage. The average price per square foot in Palm Island was $740.

Venetian Islands Home Sales

There were 18 Venetian Island waterfront homes sold – prices ranging between $1.595 Million to $5.5 Million, with an average price per sf of $692.  The highest sale was for the unfinished construction at 1429 N Venetian Wy, with over 13,000 sf of living space, 26,764 sf lot, 8 bedrooms and 200 feet of water frontage

Sunset Islands Home Sales

There were 6 Sunset Island homes sold on the water – prices ranging between $2.4 million and $19.9 Million.  The average price per sq.ft. coming in at $924.  The highest sale was a historically significant home designed by Maurice Fatio at 1736 W 28th St, with 70,885 sf of land, over 11,000 sf of living space, 7 bedrooms and 453 feet of water frontage!

North Bay Road Home Sales

There were 10 North Bay Rd waterfront homes sold this year.  Their prices ranging between $1.55 to $15 Million and averaging $787 per sq.ft.  The highest sale was for the 13,000 sf home located at 4580 N Bay Rd, with over 24,000 sf of land, 8 bedrooms and 148 feet of open bay water frontage.

La Gorce Island Home Sales

There were 2 waterfront La Gorce Island homes sold.  One for $6.5 Million and the other for $11.6 Million and averaging $909 per sq.ft.  The highest sale was the ultra contemporary home at 94 La Gorce Cr with over 15,000 sf of living space, over 20,000 sf lot, 9 bedrooms and 120 feet of water frontage.

Allison Island Home Sales

There was one waterfront Allison Island home sold this year at 6475 Allison Rd.  The home has almost 5,000 sf of living space, over 21,000 sf of land, 5 bedrooms, 100 feet of water frontage and sold for $2.45 Million at $494 per sf… BARGAIN!! (even for a fixer upper).

North Bay Island Home Sales

There were no waterfront homes sold in N. Bay Island

Normandy Island Home Sales

There were 8 waterfront homes sold in Normandy Island, which historically, has been the least expensive waterfront real estate in Miami Beach.  They ranged in price between $770,000 and $2.6 Million for the bay front home located at 1800 Bay Drive – with over 5,000 sf of living space, 5 bedrooms, over 10,000 sf of land and 60 feet of water frontage.  The average price per sq.ft. in Normandy Island coming in at $437.

Biscayne Point Home Sales

11 Biscayne Point waterfront homes sold in 2011 ranging between $385,000 for a foreclosure, to $1.15 Million for the home located at 7972 Biscayne Point Cr.  This home has over 4,000 sf of living space, 5 bedrooms, 12,150 sf lot and 100 feet of water frontage.  The average price per sq.ft. in Biscayne Point coming in at $219.

Stillwater Island Home Sales

12 Stillwater Island waterfront homes sold ranging between $550,000 for a foreclosure, to $1.7 Million for the home at 1481 Stillwater Dr – with 2,800 sf of living space, 4 bedrooms, 7,500 sf lot and 50 feet of water frontage.  The average price per square feet for Stillwater being $378.

Pinetree Drive Home Sales

There were 5 Pinetree waterfront homes sold ranging between $1.9 (for an unfinished abandoned construction home), and $6.5 Million.  The highest sale of $6,536,289 was for the mediterranean mansion located at 4855 Pinetree Dr, with over 10,000 sf of living space, almost 40,000 sf lot, 6 bedrooms and 100 feet of water frontage.  The average price per sq.ft. in Pinetree coming in at $660.

It is obvious that the waterfront housing market in Miami Beach improved by a landslide in 2011 and this is evidenced by amount of sales, decrease in inventory as well as decrease in distressed properties for sale.  There are still some areas like Biscayne Point and Stillwater that are not out of the water (pun intended), but this helps keep a balance with the rest of Miami Beach.  Here is a graph showing price per square foot in each of the islands, and as expected, Star Island is at the top with The Sunset Island and La Gorce Island following close behind.

What’s fortunate for everyone looking to buy or sell their Miami Beach waterfront property, is that because there have been sales, we now have real comps.  This means that buyers and sellers don’t have to pull numbers out of their imagination but have real numbers to base their decisions on.  Granted….in our Miami Beach Luxury real estate market, this doesn’t mean much, great homes many times sell for unfathomed prices just because they are fabulous.

I’ll end this report with last years’ quote,

As much as I hate scripts and we’re taught to say “a home is worth what a buyer is willing to pay and a seller is willing to accept”…it could not be more true when it comes to Miami Beach Homes, especially when dealing with waterfront homes

Beyonce checks out Ricky Martin’s Miami Beach Home

One of the fun things about Miami Beach real estate is the fact that celebrity ownership adds an extra “oomph” to a home’s price tag.  Nothing like buying a Miami Beach home that was previously owned by a megastar.

Wether it’s Anna Kournikova’s home, J’Lo’s home, Oprah’s Fisher Island Condo or even Chris Bosh’s pad – we all like to know how our favorite celebrities live.  Putting all that aside, imagine the intangible value of a home that was owned by 3 different celebs?

The examiner published today that Beyonce and Jay-Z may buy Ricky Martin’s home in Miami Beach.  We’ve told you about this home before and the fact that it has been lowered from its 2007 original ticket price of $16.9 Million to $12.5 Million.  We really can’t confirm if this is true or not, but are super excited to hear that Beyonce and Jay-Z are looking to live in Miami.

Well…one thing is for sure, Ricky Martin has been known to give great discounts when it comes to his South Florida homes, so this may be Beyonce and Jay-Z’s lucky day (not that they need it).  Ricky recently sold his Golden Beach home at a 30% discount – that would lower his Miami Beach home to $8.75 Million.  Not bad for a North Bay Road mansion with open bay views.

Miami Beach Mod Homes – November 2011 edition

Seems that our MIAmodHomes series has sparked up some interest, and we thank you for your enthusiasm. I guess it’s true what they say, to show passion in what you do is key to success and architecturally significant homes is what makes me tick. This month’s edition is in The Sunset Islands (Sunset Island 1 to be exact). The home was built new in 2008, with pool, dock, and everything you would like from a contemporary home.  This one defines sexy architecture and is, without a doubt, real estate porn at its best.

Miami Beach Mod Home at 1531 W 22 Street

listed for $8,900,000

I hate to make it sound dirty, but good architecture makes me salivate and this home is like gourmet for the palate.  I’m guessing the previous house was completely torn down and the up came this beaut on the existing 75′ X 175′ lot (13,125 sf) < that’s 75 feet of water frontage.

My first thought was…oh no…someone made a big mistake! They totally over built what should have been a Sunset Island 4 location and this, as well as the proximity to the bridge, will definitely hurt the sale.  No matter how intricate the workmanship is, the price tag is not for Sunset Island I.  Putting that aside, whoever falls in love with this house, will not mind the location, but will be thankful for the attention to small details.

So what are some of these details I speak about? Let’s start with the custom-made stainless steel front door and matching pair of automatic gates in the front of the house.  These are then perfectly complemented by interior and exterior stainless steel handrails on staircase and balconies.

And then we can take a look at how the very linear architecture of the home is juxtaposed with round windows or portholes almost like the oculus of a classical dome.  These portholes frame views to give you perspectives beyond your field of vision.  I’m not much for the “overly done”, but the simple nature of how these are placed, gives me goosebumps.

The interiors are minimalist and the house is decorated very tastefully with modern classics and very white furniture.  As a mother of 3, as much as I like white, I churn a little thinking of maintenance.  But that really has nothing to do with the house, but personal taste.  The actual kitchen flows with the rest of space as if it was a piece of furniture – living spaces have no boundaries or separators really redefining the word “living room.”

If I have to critique something, just for the sakes of finding something wrong with this house, it would be the choice of material for the wall by entrance.  Although it does help delineate the space, I would have loved to see concrete like Tadao Ando’s magic walls. THAT, would have made this house flawless….almost, (wait ’till the drum roll at the end).

Bedrooms are just as impeccable as the rest of the house, with minimalist finishes but well thought out comfort.  Don’t miss the window treatment details with recessed tracks, which obviously also contain ambiance lighting. From the choice of sink bowls to mirrors and faucets….design is continuous throughout this home.

Exteriors frame impeccable vistas and create living vignettes that are warm and welcoming, with summer kitchen, covered porch, infinity pool and manicured lawn.  The only thing missing is a 60′ Azymut parked on the private dock.

And if you are not disappointed yet at the fact that I could not tear this house apart for the life of me, I did find one detail that drives me absolutely insane. DRUM ROLL PLEASE!!

One of the porthole windows in an upstairs bedroom is horribly framed with a roman shade.  Couldn’t they do a custom window treatment to suit the circle?  Vitruvius’ man of Perfect Proportions is probably rolling his eyes in disbelief!  Eliminate the roman shade or the window! The Barcelona chair right under it is not going to detract my attention! ….this is the one detail that could break a sale….seriously people!

I have to compliment the marketing photos of this property, once again, a Miami Beach luxury home featured correctly, hats off!  And to give you the boring but necessary specs of the home – 6 bedrooms, 7 bathrooms, 2 half-baths, 7,148 sf of living space, and northern exposure.

Price negotiable??  (cough cough) … I’m thinking yes.

Miami Beach Mod Homes – October 2011 edition

Thank you for the great feedback on our MIAmodHomes editions. Needless to say, architecturally significant homes are my forte and I truly enjoy turning them around and looking into their hearts. This month’s edition is in Palm Island, in Miami Beach, right off the McArthur expressway (or cruise-ship alley). The home was built in 1954, with pool, dock, and all the bells and whistles.

Miami Beach Mod Home at 7 Palm Avenue

listed for $5,500,000

Talk about an incredible Mid-century Modern home on Palm Island.  The massing of the facade elements and the proportions of the spaces are delicious (yes….I would eat good architecture, if I could).  It’s rare to find a 50′s home in Miami Beach that has been respected through the years, and this is one of them.  What I find even more incredible is the transition of interior and exterior spaces with large panoramic windows and a fabulous second floor terrace.

The perfect home for entertaining and it faces East with views of Star Island and South Beach….talk about ideal location.

The yard is full of mature palm trees and minimalist landscaping that lets you enjoy the view and feels like Miami.  It’s one of those typical Miami Vice homes where you can imagine perfect bodies enjoying the pool while sipping mimosas.  The railing choice for the terrace is perfect – with horizontal features that don’t take away from the view.  The use of decking material is OK….I’m sure anyone buying this beauty will rethink it.  The actual lot is 17,674 with 110′ of water frontage and of course, private dock.

I really love the informal use of the kitchen space, with the industrial appliances. But unfortunately, hate… I mean HATE the granite island – seriously??  with such simple and austere finishes throughout, they couldn’t do a glass top, or polished concrete?  At least it’s an easy fix.

The Terrazzo floors are perfect…I just don’t know about the curved elements on the inside which seem to be a recurring theme.  I’m sure anyone not interested in these standing out, could plaster them white for them to disappear.  The furniture is not staying with the sale, but I would like to take this time to commend the owners on a magnificent choice of modern classics to compliment the home’s architecture.  Hats off!!

The stairs to the second floors are beyond gorgeous….no railings, just simple and did I mention gorgeous?  Downside is that this house would not be good for toddlers or clumsy pets, and modifying the steps would be cruel.

The whole second floor happens to be the Master Bedroom.  Finishes here are a bit tired, but still very retro and nothing a little imagination can’t fix.  They had the right idea with the open shower area and framing of the bay views.  My thought is that the house is almost 3,000 square feet and has only 2 bedrooms … never an easy sale.  I’m also thinking that the right buyer will be discerning and will appreciate the home’s architectural design for what it is.   Homes like this one give me goose-bumps when I walk in and I always wonder if the buyers will respect the home or will have to completely modify it.  Hopefully they will work with the right designer to make this Miami Mod Home even more spectacular than it already is.

Oh…and the price….I’m thinking it’s negotiable (but what isn’t?).

Top 3 Most Expensive Miami Beach Homes sold in July 2011

There were 24 Miami Beach homes sold in July of 2011. The sales ranged in price from $19 million to $205,000 for a short sale in Normandy Island.  July breaks a new record for Miami Beach home sales in the mega luxury category.  With the top 2 sales in Sunset Island I and Palm Island.  We are seeing a lot of Brazilians pay cash for single-family homes (not just condos), as well as Europeans.  Keep in mind that the Summer is our slow real estate season, which means it’s exciting to think of what August and September will bring.

July’s Most Expensive Miami Beach Home Sale

1736 W 28 St – Miami Beach, FL 33140

Listed for $25,000,000 and sold for $19,800,000 July 19th, 2011

Talk about a major record for Miami Beach Homes sold this year, and making The Sunset Islands HOT when it comes to sales.  This Luxury estate has it all:  land, water frontage, historic relevance, location, and gorgeous open bay views!!  From it’s oolitic limestone facade, to 1930′s Neoclassical style and not to mention designed by architect Maurice Fatio.  Fatio was known mostly in Palm Beach but also designed the Indian Creek Country Club (clubhouse).  It’s definitely one of our Miami Beach Mega Luxury sales in a so called “down market”. << yes, that’s sarcasm.  The marketing description reads:

This historically significant waterfront property designed by Maurice Fatio encompasses 70,886 SF of land on which rests approx 11,388 SF Neoclassic home w/ a contemporary interior. The home sits on a tip lot on  Sunset Island I. From there, sweeping views of Biscayne Bay and downtown Miami + colorful sunsets provide a dazzling backdrop to this crown jewel. A large bayside pool blends effortlessly into the well-manicured surroundings of this tropical haven spanning 1.63 acres and 453 feet of waterfront.

Features:

• 11,388 sf of living space
• 7 bedrooms / 7.5 bathrooms
• built in 1938
• architect:  Maurice Fatio
• bay front home with 70,886 sf of land
• 453 feet of water frontage with private dock
• Sunset Island I location
• pool
• 3-car garage

July’s second Most Expensive Miami Beach Home Sale

94 Palm Av – Miami Beach, FL 33139

Listed for $16,000,000 and sold for $14,200,000 on July 26th, 2011

This gorgeous Palm Island estate was originally listed for $23 Million back in November of 2008 and the description does not lie when it talks about form meeting function.  It’s one of those houses you see when driving down McArthur Causeway towards Miami Beach.  The views are of Cruise Ship Alley and has 200 feet of water frontage!  The marketing description reads:

Truly amazing 2 story estate for those looking for perfection. Offered exquisitely (partially) furnished (no artwork or personal items). Lot has 200 feet of water w/magnificent downtown Miami views and parade of ships. Main house has 6brs 7.5 baths, staff quarters, 1br/1ba guest house,plus 3 brs, 2 baths over garage. Pool house has his and hers cabanas and gym. Magnificent pool with mosaic tile. This offering is a combination of both function and form. Simply gorgeous. Inventory list is available.

Features:

• 14,083 sf of living space
• built in 2003
• Main house has 6 bedrooms / 7.5 bathrooms
• staff quarters
• 1 bedroom / 1.5 bathroom guest cottage
• 3 bedrooms / 2 bathrooms over garage
• 200 feet of water frontage – 60,000 sf lot (200′ X 300′ )
• bay frontage
• pool
• private dock with boat lift

July’s Third Most Expensive Miami Beach Home Sale

5941 Pinetree Dr – Miami Beach, FL 33140

Listed for $3,499,000 and sold for $3,062,500 on July 15th, 2011.

This Pinetree beauty has been on the market, on and off, since 2008 with an original listing price of $3,950,000.  Although price range wise it doesn’t compare to the 2 other properties above, this is one of those historically relevant homes that gives you chills and can only be appreciated by someone that knows true Mediterranean Revival architecture.  Although it is in need of rehab or “restoration”, it still has some original 1920′s details.  The marketing description reads:

Absolutely stunning example of famed Russell Pancoast’s work! Meticulously maintained 1929 mediterranean villa upgraded with hurricane impact windows, new roof, new ac units all within the last five years. Coral stone archways and walkways, travertine and wood floors, Pecky cypress and wood beam ceilings, original mosaics throughout the house. If your buyers are looking for artistic beauty, this is it! 3/3.5 in the main house, 2/1 in guest quarters, maid’s room/bath, den, Florida room, 3rd story tower.

Features:

• 4,654 sf of living space
• 6 bedrooms / 5.5 bathrooms
• built in 1929
• Pinetree Drive location
• 14,630 sf lot (77′ X 190′) with 77′ of water frontage
• private dock
• pool

**all information obtained from the SouthEast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Homes sold in June 2011

There were 23 Miami Beach homes sold in June of 2011. Sales prices ranging from $170,000 for a bank owned foreclosure in the North Beach area, to $5 million for a Sunset II remodeled home mentioned below.  June’s Miami Beach sales keep showing an improvement in the housing market with 8 of the 23 sales being above $1 million and 7 of those sales being distressed.  We keep seeing sales above the $3 million mark which also means mega luxury Miami Beach homes are moving!

June’s Most Expensive Miami Beach Home Sale

1410 W 25 St – Miami Beach, FL 33140

Listed for $5,499,000 and sold for $5,000,000 on June 7th, 2011

This home was featured in our Miami Beach Housing Report – first half of 2011.  Located on the South East corner of Sunset Island II, completely remodeled, meticulously landscaped and with 100 feet of water frontage.  The house was purchased for $6.5 Million in 2005 and sold at a $1.5 Million loss.  The selling description read:

GREAT MIAMI BEACH WATERFRONT ESTATE WHERE QUIET COLORS CREATE A BOLD IMPACT YET A RELAXED SENSE OF INDULGENCE. BEST DESCRIBED AS THE HOUSE THAT BECOMES YOUR HOME, THIS BEAUTIFULLY REMODELED FIVE BEDROOM, (WITH OPTION TO USE THE STUDY AS A SIXTH BEDROOM) AND SIX AND ONE HALF BATH ISLAND OASIS, EXUDES TRANQUILITY AWASH A SEA OF WIDE-OPEN SPACES, LUSH TROPICAL LANDSCAPING AND 100 FEET OF WATERFRONT FRONTAGE.  A STONE-THROW AWAY FROM THE OPEN BAY!

Features:

• 5,920 sf of living space
• built in 1955 and completely remodeled
• 100′ X 202′ LOT (20,200 sf)
• 5 bedrooms / 6.5 bathrooms
• 100′ of water frontage (no fixed bridges to bay)
• private dock
• heated pool
• Sunset Islands location
• 2-car garage

June’s second Most Expensive Miami Beach Home Sale

1601 W 24 St – Miami Beach, FL 33140

Listed for $4,250,000 and sold for $4,250,000 on June 8th, 2011

Another Sunset Island Home.  This on located on the North side of Sunset Island III, also with no fixed bridges to Biscayne Bay.  Completely renovated by Wallace Tutt on a 25,000+ lot with tennis court.  (I would have imagined Anna Kournikova in this house for sure).  The home was listed in March of 2001 and was under contract in one week!  The selling description reads:

Sunset Island #3 residence, completely and tastefully renovated by Wallace Tutt and featuring a lighted tennis court, separate guest house, pool pavilion. New dock and seawall, split bedroom plan with separate apartment. Quality finishes and lavish touches throughout. All newly installed appliances, electrical and plumbing systems, doors and windows, impact glass and much, much more. Never occupied since recently completed renovation, turn-key in every respect.

Features:

• 7,202 sf of living space
• 144′ X 175′ lot (25,200 sf)
• 5 bedrooms / 5.5 bedrooms
• built in 1937 and completely remodeled
• 144′ of water frontage
• private dock
• heated pool
• 2-car garage
• Sunset Islands location
• turn-key

June’s Third Most Expensive Miami Beach Home Sale

126 W San Marino Dr– Miami Beach, FL 33139

Listed for $3,999,000 and sold for $3,400,000 on June 24th, 2011.

Here’s the perfect example of how Venetian Island Homes are increasing in price like no other island in Miami Beach.  Spacious house with amazing views with tired finishes in need of updating – selling above $700/square foot.  Located on the West side of San Marino Island (South of the Venetian Causeway), with amazing views of The Miami skyline.   This home was listed in February of 2011 and was under contract in less than a month.  The selling description simply reading:

Located on the secluded southwest side of San Marino Island on the Venetian Causeway in Miami, discover this beautiful 2-story home on a manicured 15,750 square foot bayfront lot. The best bay and downtown Miami views. Huge backyard and separate guest apartment with kitchen.

Features:

• 4,472 sf of living space
• 90′ X 175′ lot (15,750 sf)
• built in 1937
• 4 bedrooms / 3 bathrooms
• 2-car garage
• 90′ of water frontage
• Venetian Islands location
• pool
• private dock

**all information obtained from the SouthEast Florida Multiple Listing Service**

Miami Beach Luxury Housing Report – first half of 2011

I can’t believe 1/2 of 2011 is already gone!  Fortunately for Miami Beach Realtors, things are improving on a daily basis and we have been busy!  So here is the scoop on what has happened with Miami Beach homes in the first half of the year.  There were 130 Miami Beach homes sold already in 2011 – out of those, 55 were sales over $1 Million which is 42% of all sales….not bad for a “depreciating market”.  You need to keep in mind that when the big honchos like the Case-Shiller Index, come up with their data interpretation, they pull together ALL of Miami-Dade County and the numbers look grim – so the need to go local is crucial to get a real perspective (yes, I sound like a broken record).

Because we do specialize in Miami Beach luxury homes and waterfront homes, I will give you a summary of all the waterfront homes sold this year in Miami Beach and I will break those down by island or desirable location within Miami Beach.  You will see a lot of Mega sales (the ones above $3 Million), which is a change from 2010. (click on the graph above to download PDF of all sales to date).

Star Island Home Sales

There were only 3 Star Island homes sold so far this year ranging from $7.1 million to $25.5 million!  The average price per square foot coming in at $1,028 and the highest for all of Miami Beach.

13 Star Island was listed for $32,000,000 and sold for $25,500,000.  With 8 bedrooms / 8 bathrooms / 2 half-baths, 15,008 square feet of living space on a 100′ X 400′ lot with private dock, pool, boat lift, state of the art electronics ….yada yada yada – (everything you would expect from a 15,000 sf mansion).  What’s amazing is that this house was listed January of 2011 and sold in only 2 months!  (the monthly rental for this gem was $325,000 – higher than the average home in Dade-County!) << that’s why I love Miami.

Hibiscus Island Home Sales

There were 3 Hibiscus Island homes sold this year ranging from $2.4 Million to $9.35 Million.  The average price per square foot for the island coming in at $828.  The highest sale in Hibiscus was my all-time favorite home designed by Oppenheim at 40 South Hibiscus Drive – Miami Beach Luxury Home Pick – Hibiscus Island << click to see the photos - A – MA- ZING!!  and the lucky buyer walked away with this beauty for $9.350 Million.  The house was originally listed for $13,995,000 in June of 2010, was reduced several times and sold in May.

Venetian Islands Home Sales

The Venetian Islands are seeing quite a bit of movement in the past 2 months, and there have been 12 waterfront home sales this year with an average price per square foot of $725 – quite an increase from the average $634/sf in 2010! The highest sale was for unfinished construction at $5.5 Million back in March.

1424 N Venetian Way came in as the 2nd highest Miami Beach home sold in March of 2011.  It was originally listed at $6.5 Million in August of 2009 and finally sold for $5.5.

Sunset Islands Home Sales

The Sunset islands have seen better days with only 2 sales so far this year and average price per square foot of $717 (less than The Venetian Islands which is unheard of!).

1410 W 25 St – sold for $5,000,000 on June 7th, 2011.  Located in Sunset Island 2 – with 5,920 sf and 20,200 sf lot (inside lot, not open bay).  This house was purchased for $6.5 Million in November 2005 and took only 3 weeks to sell when they listed it for $5.499 Million in April of this year.  The Marketing description reading: screaming in all caps:

GREAT MIAMI BEACH WATERFRONT ESTATE WHERE QUIET COLORS CREATE A BOLD IMPACT YET A RELAXED SENSE OF INDULGENCE. BEST DESCRIBED AS THE HOUSE THAT BECOMES YOUR HOME, THIS BEAUTIFULLY REMODELED FIVE BEDROOM, (WITH OPTION TO USE THE STUDY AS A SIXTH BEDROOM) AND SIX AND ONE HALF BATH ISLAND OASIS, EXUDES TRANQUILITY AWASH A SEA OF WIDE-OPEN SPACES, LUSH TROPICAL LANDSCAPING AND 100 FEET OF WATERFRONT FRONTAGE.  A STONE-THROW AWAY FROM THE OPEN BAY!

North Bay Road Home Sales

I’m always curious to analyze how North Bay Road Mansions stand up against the rest of Miami Beach.  There are no private gates, but gorgeous open bay views that take your breath away.  There have been 5 North Bay Road homes sold this year, which are not a real representation of what usually sells and the average price per sq.ft. coming in at $769.  The highest sale was in our Top 3 highest Miami Beach Homes – April edition.

Pinetree Drive Home Sales

Pinetree has only had 2 waterfront home sales this year, with an average price per sq.ft. $621.  The highest Pinetree Drive Home was in our Top 3 Miami Beach Home Sales – March edition.

More Miami Beach Home Sales

In addition to the mentioned sales, there was also one sale in Allison Island for $2.45 Million (fixer upper selling at $491 / square foot), and no waterfront sales yet in La Gorce Island, Bal Harbour, Bay Harbor Islands, Indian Creek Village or Palm Island.  Normandy Island had 5 sales with an average price per square foot of $436 and we decided to add Golden Beach to the mix because we are seeing a lot of people considering the move there because of affordability factors.

Golden Beach Home Sales

There have been  7 waterfront Golden Beach homes sold this year with an average price of $621/sq.ft.  The highest sale was an oceanfront house selling at $7.7 Million

277 Ocean Blvd sold in March for $1,186 / sq.ft. – that’s higher than the Star Island home sale but then again, we are talking beach front.  A 6,495 sf house on a 20,700 sf lot with 6 bedrooms, 6 bathrooms and 1 half-bath, 2-car garage, totally renovated with a monthly rental price of $42,000.  It was originally listed for $11,800,000 in 2006.  Remember that Ricky Martin is also selling his Golden Beach home – that one listed for $18.9 Million.

So there you have a brief synopsis of what has happened to the Miami Beach Waterfront Housing Market in the first half of the year.  To download the data associated with this article, please click on the button bellow.  **all information obtained from the Southeast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Homes sold in April 2011

There were 19 Miami Beach homes sold in April of 2011 compared to 32 sales the previous month. Sales prices ranging from $190,000 for a short sale in the North Beach area, to $5.74 million for a North Bay Road open bay beauty mentioned below.  April’s sales were impressive because more than half of them were over $1 million, which means the luxury market is catching a well deserved break.  The distressed market continues to decrease and when good properties come up, they are snatched up for top dollar, not the believed “bottom feeder” prices.

April’s Most Expensive Miami Beach Home Sale

5380 N Bay Rd – Miami Beach, FL 33140

Listed for $5,900,000 and sold for $5,740,000 on April 27th, 2011

Another North Bay Road Home sold in April.  This one a 6,432 square foot bay front beauty with an inviting Spanish Colonial flair – surrounded by loggias, balconies and courtyards that become so perfect for our South Florida weather.  The inside a bit dated with maybe a bit too much wood-work, but nothing that can’t be salvaged.   It had been on the market since November of 09 with a starting price of $10.5 million.  and after several price reductions, finally sold at almost 1/2 the original listing price.  The marketing description simply read:

Best Deal on North Bay Road Wonderful Open Bay View home. State of the art kitchen appliances, with granite countertops and exquisite wood cabinetry. High ceilings; inviting courtyard; custom made exotic double aquariums in the family room. Marble and wood floors throughout the house.  Has been rewired with Creston and Lutron technology. It is ready to move in.

Features:

• 5 bedrooms / 5 bathrooms / 1 half-bath
• built in 1934 – remodeled
• 6,432 sf
• 12,759 sf lot (79′ X 161′)
• 80′ of water frontage (open bay)
• private dock
• pool
• 2-car garage

April’s second Most Expensive Miami Beach Home Sale

5150 N Bay Rd – Miami Beach, FL 33140

Listed for $5,490,000 and sold for $4,568,520 on April 26th, 2011

Not my favorite type of architecture (I call it butchered mid-century – but I’m not the one that has to like it).  This 1954 North Bay Road home was obviously added on to and re-built through the years with a sort of 80′s look to it, but over 100′ of open bay water frontage with is priceless.  It was listed on September 2010 and was under contract by November and then under contract again in March of 2011.  Making this Miami Beach Luxury home a quick seller, considering average time on the market passes the 1 year mark.  The marketing description reading:

Breathtaking Bay Views from this exclusive N Bay Rd residence. 6,360 sf , 6 bed , 6 1/2 bath……18,585 sf of land. 105 feet of water frontage. Private Boat Slip is grandfathered in and can not be duplicated. Very rare and valuable. New Electric, new security system. Brand new massive sliding doors for back of the house, creating flow thru right to pool and bay. Best priced of all its closest comps (6000-7000sf houses) on N Bay Rd.

Features:

• 6 bedrooms / 6 bathrooms / 1 half-bath
• 6,360 sf
• built in 1954 – butchered remodeled
• 18,585 sf lot (105′ X 177′)
• 105′ of water frontage (open bay)
• 2-car garage
• private doc
• pool

April’s Third Most Expensive Miami Beach Home Sale

1337 N Venetian Wy – Miami Beach, FL 33139

Listed for $4,500,000 and sold for $4,100,000 on April 28th, 2011 as a short sale

Impeccable Contemporary Miami Beach home on San Marco Island in the Venetians.  Not my favorite of the Venetian Islands but gorgeous home nevertheless.  The home shows an original listing price of $6.9 million back in June of 09 with several pending contracts as well as price reductions and finally selling at $4.1 million which is an amazing purchase for 70′ of open bay frontage and new, modern constructions.  It was marketed as:

SHORT SALE! Located on picturesque Venetian Island, this 2-story, impeccably done, contemporary masterpiece offers breathtaking, wide open, unobstructed bay views. Enter through the artistically designed gate that leads into a perfectly manicured courtyard. The finishes, architectural design and lighting are brilliantly orchestrated.  All bedrooms have their own bath & built-out closets. The master bedroom has his/her closets and a state-of-the-art master bath. Separate guest hse & separate 2-car gar

Features:

• 6 bedrooms / 7 bathrooms
• 5,859 sf
• built in 2007
• 12,250 sf lot (70′ X 175′)
• 70′ of water frontage (open bay)
• private dock
• pool
• separate guest house
• separate 2-car garage

**all information obtained from the SouthEast Florida Multiple Listing Service**

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